New Suez Canal to boost China trade
Print Edition
THE New Suez Canal will give China more opportunities to invest in Egypt and other countries, Egypt’s former Ambassador to China Mahmoud Allam said.
“Egypt has decided to establish an industrial city and logistics area in the Suez Canal zone, which will attract many investors and countries, especially China,” the ex-diplomat said.
The 72-kilometer-long New Suez Canal, an alternate route to the original 190km-long waterway, is expected to transform the 76,000-square-km area on both banks into an international logistics, commercial and industrial hub. It is one of the key national projects that are at the heart of Egyptian government’s efforts to revive the country’s sluggish economy.
The one-year construction work involved 35km of dry digging and another 37km of expansion and deep digging of the old one.
“The investment in Suez Canal area will give the Chinese side the opportunity to invest in more countries ... Egypt’s geographical location is very important, so near to the European, Arab and African markets,” Mahmoud Allam said.
Talking on China-Egypt cooperation, the former envoy stressed that the new project, which will be inaugurated on August 6, will help boost the bilateral cooperation.
He said many Chinese companies started to invest in northwest Suez area nine years ago. Chinese investments are flowing into Egypt after China and Egypt decided to elevate their bilateral ties to the level of “comprehensive strategic partnership” during President Sisi’s official visit to Beijing last year.
Mahmoud Allam also hailed China’s “One Belt, One Road” initiative, saying it’s of great importance to develop Egypt’s industries and widen trade markets.
“The initiative will connect all countries together by opening each country to the international markets,” he said.
Proposed by Chinese President Xi Jinping in 2013, the Silk Road Economic Belt and the 21st-Century Maritime Silk Road initiative, aims at reviving the ancient trade route between Asia and Europe.
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